MPC(24)20.01
Management Accounts – Financial and Budget Report – 1st April 2023 to 31st January 2024
This report should be read in conjunction with the following reports
a. Payment Transactions – 01/04/2023 to 31/01/2024
b. Receipt Transactions – 01/04/2023 to 31/01/2024
c. Bank Reconciliation Report
d. EMR Summary Report
e. Precept/General Reserve Summary Report
f. Reserves Balance
g. Balance Sheet
Overview
Income as at 31st January 2024 for this financial year totalled £180,170.58, which includes the full Precept (£117,261) and CIL receipts of £8,090.96. The remaining income is a mix of rent, grants and donations, fete income and Pavilion income (£8,718.19). Expenditure as at the 31st January 2024 totalled £155,814.93. Of this £37,367.45 has been paid out of Earmarked Reserves. The two summary reports (d and e) give a detailed breakdown of the receipts and payments against the agreed budget.
In terms of cash resources as at 31st January 2024, cash in the Council’s bank accounts totalled £264,774.47 made up as follows:
- Lloyds Instant Savings Account £ 146,869.64
- Suffolk Building Society Deposit Account £ 104,836.13
- Suffolk Building Society Rent Deposit Account £ 5,271.32
- Lloyds Bank Treasurer’s Account £ 7,797.38
After adding VAT owed to us of £975.90 the total liquid assets amounted to £265,750.37. Of that sum, £157,178.27 relates to the balance of deposits, CIL and grant monies held as Earmarked Reserves:
CIL reserves £95,846.65
Melton Rd crossings project CIL EMR £7,755*
Landscaping & parking improvements CIL EMR £3,717.03
Pavilion project CIL EMR £210.54
Bins CIL EMR £1,037.09
Divested land sinking fund CIL EMR £13,800.17
Signage CIL EMR £1,130
Hall Farm Road/SWT Events EMR £565 (grants received from Deben Community Partnership and Cllr Smith-Lyte)
Fete EMR £950.03
Budget Risk EMR £10,000
Bequest EMR £741.64
Pavilion Kit Out EMR £5.30
1st Floor Rent Deposit EMR £5,271.32
20s Plenty EMR £20
Dock Lane Planter EMR £29.85
Pump Track EMR £550
Yarmouth Road Signage £548.65
Beresford Drive Play Area EMR £5,000
* This EMR technically has an additional £16k due to the year-end accrual made in 2022/23 for the Melton Road crossings. This adjustment will be reflected at year end 2023/24.
Budget and General Reserve Position
The adjusted General Reserve position (taking into account £17,140 of accruals) as at 31st January 2024 was £91,432.10, a reduction from £97,005.95, as at 31st December 2023.
The budget is currently on track and the budget deficit has been reduced meaning the year-end position will be similar to the previous financial year of £57k, after transferring £5k to the Budget Risk EMR.
Significant differences include:
- Interest from the bank and building society accounts is nearly £3k higher than budgeted.
- Pavilion income is £2.7k higher than budgeted. However, the Wednesday-Friday evening hirer has just given notice which will see a drop in future income if new hirers cannot be found. Some savings will be made on the running costs although there could be further costs associated with the foul sewer.
- Savings will be made on a number of budget lines, totalling around £5k.
- Pavilion electricity – this will be slightly over budget but is due to an initial upfront payment of £250. The contract is due for renewal in April and figures quoted so far suggest the rates will be lower than the current contract.
- Pavilion Water – this will be slightly over budget due to a large initial payment.
The woodland and tree safety inspection budget lines have not yet been spent but it is anticipated they will be used before year end.
Recommendations
- That members NOTE AND COMMENT on this report.
Pip Alder
Clerk, Melton Parish Council
February 2024
